An equipment lease agreement is a legal contract where the owner allows another party (lessee) to use equipment in exchange for payment. Simply answer our questionnaire to generate your document.Then, download your file as a PDF or print a copy for your records. Download a free equipment rental agreement template, and view sample lease and leasetoown agreements for construction equipment. Discover what an equipment rental agreement is, what you should include in one, and download our free rental agreement template to get you started. This Equipment Lease Agreement template is available for use on UpCounsel. An equipment lease agreement enables someone to rent out machinery, tools, electronics, or equipment to businesses and individuals. A California Lease Agreement is a legal document for a landlord to rent out residential property. The downloadable form is designed to institute a concrete arrangement, establishing the terms and conditions to be followed for the duration of the contract. An equipment lease agreement enables someone to rent out machinery, tools, electronics, or equipment to businesses and individuals.